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The German market has lost another initial public offering from its pipeline with EWE, the regional utility, deciding to pull its â¬730m ($905m) flotation for this year.

EWE had planned to go public with the sale of up to 40% of its shares this year.

Werner Brinker, chief executive officer of EWE, said: "A stock market listing at a later date or the participation of a strategic investor remains a possibility." Brinker said EWE may also turn to the bond markets to raise finance for acquisitions.

In May Auto-Teile-Unger (ATU), the car parts company became the third German firm in as many months to pull its float. Two German technology companies - X-Fab Semiconductor Foundries and Siltronic - were forced to pull their IPOs in March.

Deutsche Postbank, the retail bank, also completed its high-profile issue last month. Deutsche Post, its owner, was forced to cut the size and price of the equity issue and include a €1bn exchangeable bond as part of the offering after investors found the initial price range too expensive.